MOMBASA, Kenya, Apr 5 – Entrepreneurs within Mombasa are set to receive a big boost from the expansion of a multi-national specialist for small and medium enterprise (SME) finance and development company, GroFin Kenya.
Speaking during the launch GroFin Kenya in the coastal city, General Manager Kenneth Onyando said the company’s entry into Mombasa follows successful operations in Nairobi and is meant to tap into Mombasa’s rich potential for investment.
“As the centre for coastal tourism in Kenya, Mombasa attracts a regular stream of foreign visitors, which also contributes to a vibrant and active trading environment perfect for SMEs,” Mr Onyando said adding it was an ideal operating destination for small businesses to grow.
The move will see GroFin provide finance for entrepreneurs needing finance between Sh3.75 million and Sh75 million, in addition to close support and guidance from its local team to ensure the businesses sustain their growth for years.
“We first came into the market in 2004, and since then we have assisted a number of entrepreneurs by providing over Sh525m in financial assistance in addition to business development assistance,” Mr Onyando said.
GroFin prides itself on its focus on the viability of the business and the commitment of the entrepreneur stemming from a commitment to assisting SMEs in achieving sustainable profitability, believing that growth in this sector is vital for socio-economic development in emerging markets.
The international development sector has long searched for financially viable ways to support the SME sector, and GroFin’s approach of offering both risk capital and business development assistance to viable enterprises has proven to build and grow young businesses into profitability.
GroFin operates in eight countries and has in six years disbursed over $70 million to entrepreneurs. Currently funds under management are in excess of $250 million.